The IRA Charitable Rollover allows donors 70.5 or over to make direct charitable gifts from your IRA. Individuals may make gifts to a charity from both traditional and Roth IRA accounts without any federal tax liability as long as the gifts are “qualified charitable contributions.” The charitable distribution can count for all or part of your Required Minimum Distribution (RMD), but no tax deduction is allowed to the owner of the IRA.
Guidelines for the IRA Qualified Charitable Distribution
Gifts will qualify for all or part of your Required Minimum Distribution.
The provision for this type of gift is now permanent.
The IRA holder must be at least 70.5 years old at the time of distribution.
Gifts are tax-free up to $100,000.
Gifts must be outright gifts to a charitable organization.
Gifts may only be made from traditional or Roth IRA accounts.
Benefits of the IRS Qualified Charitable Distribution
Avoid taxes on transfers of up to $100,000 from your IRA to the charitable organization.
Satisfy your required minimum distribution.
Reduce your taxable income, even if you do not itemize deductions.
Make a gift that is not subject to the 50% deduction limits on charitable gifts.
Increase your ability to help further the mission of your choice.
If you would like to make a qualified charitable distribution to our chapter, please contact your plan administrator and request the transfer. We should be listed as:
CEF of Indiana, Inc. Central Indiana Chapter PO Box 625 Westfield, IN 46074
Your IRA funds will be transferred directly to us and you will be able to help continue the work of reaching boys and girls for Jesus. Please note that the IRA charitable distribution does not qualify as a charitable deduction.
If you would like to discuss possible projects or if you have any questions, please feel free to contact our director, Sherie Phares, at 317-867-1485. Thanks for considering this means of giving to support the Gospel.
Mailing Information: CEF Central Indiana Chapter PO Box 625 Westfield, IN 46074
Office location: 9247 N Meridian St Suite 208 Indianapolis, IN 46260